Florence, Indiana Property Taxes
The median property tax rate in Florence, IN is 0.73%, considerably lower than both the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Florence, the typical annual property tax bill reaches $657, significantly below the national median of $2,690. Property taxes in Florence are calculated based on the tax assessed value, which typically falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Florence's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Florence or another part of Switzerland County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Florence, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Florence Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Florence with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Florence to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Florence, Indiana
Property taxes in Florence, Indiana, are essential in funding critical local services such as public schools, road maintenance, and emergency services. The median tax rate in Florence stands at 0.73%, which is notably lower than the U.S. national median of 0.99%. Local government entities within Florence set these rates annually, and they can vary significantly across different neighborhoods. Each year, Florence estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Florence's effective property tax rate to other areas in Switzerland County and the national median. For comparison, the 47020 zip code has the highest median property tax rate of 0.73%, while the same zip code also has the lowest median tax rate of 0.73%. Understanding how these figures compare with Florence provides valuable insights into the varying tax landscape across Switzerland County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Florence Tax Rate
0.73%
Average Switzerland County Tax Rate
0.80%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Florence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47020 | 0.39% | 0.54% | 0.73% | 1.43% | 1.47% |
Source: Ownwell
Property Tax Assessment Values Across Florence, Indiana
Understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes in Florence, Indiana. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Switzerland County Assessor’s Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Florence, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. The median home price in Florence is $90,900, with tax bills ranging from $343 at the 25th percentile to $1,692 at the 90th percentile. The zip code 47020 has both the highest and lowest median tax bill at $657. Being aware of these valuation processes helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden.
Average Florence Assessed Value
$90,900
Average Switzerland County Assessed Value
$86,100
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Florence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47020 | $25,020 | $54,675 | $90,900 | $130,225 | $173,810 |
Source: Ownwell
Property Tax Bills Across Florence, Indiana
In Florence, located in Switzerland County, IN, property tax bills are calculated based on the assessed value of a home. The median home price in Florence is $90,900, and property taxes are determined by applying the local tax rate to this assessed value. Several factors influence the tax bill, including the property's market value, local tax rates, and any applicable exemptions or deductions. For homeowners in Florence, the property tax bill can vary significantly. For instance, those in the 25th percentile pay around $343 annually, while those in the 75th percentile see bills closer to $1,094. At the 90th percentile, the tax bill can reach up to $1,692. The highest median tax bill in the area is $657, which is notably lower than the national median property tax rate of 0.99%. These property taxes fund essential local services such as schools, infrastructure, and emergency services, directly impacting the quality of life for residents. Understanding how these taxes are calculated helps homeowners better manage their finances and anticipate future expenses.
Average Florence Tax Bill
$657
Average Switzerland County Tax Bill
$696
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Florence, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 47020 | $200 | $343 | $657 | $1,094 | $1,692 |
Source: Ownwell